Ascendis says it has completed the acquisition of Romanian-based Sunwave Pharma for €16.35m and Cyprus’s NHP Natural Health Pharma for between €26.1m and €49.1m.
The final price for NHP Pharma depends on the financial performance of the business over the next three years.
The company said the new acquisitions provided an attractive platform for Ascendis’ entry into the Romanian over-the-counter market, which aligned with its strategy of focusing on Central and Eastern Europe. It would also provide access to a vast portfolio of complementary medicines and a pipeline of new products that could be sold in territories in which Ascendis was active.
Sunwave distributes complementary and alternative medicines and food supplement products in Romania. NHP Pharma in collaboration with third-party suppliers, has developed a product portfolio of complementary medicines across nine major therapeutic areas.
The Sunwave Pharma and NHP Pharma acquisitions follow that of Cyprus-based pharmaceutical manufacturer Reme-dica Holdings and European sports nutrition business Scitec International for a combined €430m. Scitec is based in Hungary. Remedica is in Cyprus.
Ascendis CEO Karsten Wellner said Sunwave Pharma and NHP Pharma further enhanced the company’s strategy to expand its operations by buying platform businesses in high-growth markets.
Wellner was confident that Sunwave’s successful distribution model could be replicated across Eastern Europe.
Romania was perceived as a top investment destination in the region and offered a fast-growing GDP in an EU member state, he said.